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Discounts and refunds from car insurers due to coronavirus: what you need to know

Quarantine and isolation due to coronavirus infection have led to fewer cars on the road. Currently, over 82% of auto insurance companies such as State Farm, Geico and Liberty Mutual offer policyholders a refund of more than $ 6,5 billion. They will be paid out over the next two months. Writes about this USA Today.

Photo: Shutterstock

“We are pleased that many insurance companies have recognized that they cannot sit on premium while their clients are at home,” said J. Robert Hunter, CFA's director of insurance.

Assistance programs offered by car insurers include refunds, loans, or lump sum payments. Most of these forms of assistance do not require any action on the part of the consumer and will be applied automatically through the last payment method specified in the policy.

Here's What You Need to Know About Car Insurance Reimbursement

Which car insurance companies offer assistance:

  • 21st Century: 25% discount on insurance premiums in April
  • AAA: 20% refund
  • Allstate: 15% discount on contributions in April and May
  • American Family Insurance: one-time payment of $ 50 for each insured car
  • Amica: 20% discount on contributions in April and May
  • Auto Owners Insurance: 15% return on contributions in April and May
  • Chubb: 35% discount on April and May fees
  • Cincinnati insurance and casualty: 15% discount on April and May fees
  • CSAA: 20% refund
  • Encova: 15% discount on April and May fees
  • Farmers insurance: 25% discount on insurance premiums in April
  • Geico: 15% discount for customers whose policies renew from April 8 to October 7
  • Hanover Insurance Group: 15% discount on premiums in April and May
  • The hartford: 15% refund on contributions for April and May, only for policies valid on April 1
  • Liberty mutual: refund of 15% of two-month installments, the refund starts on April 7
  • Kemper: 15% discount on contributions in April and May
  • MetLife: 15% discount on April and May insurance premiums
  • Mercury insurance: 15% discount on contributions in April and May
  • Nation-wide: $ 50 one-time refund for each policy valid as of March 31
  • Next insurance: 25% discount on contributions in April
  • Progressive insurance: 20% discount on April fees for each insured car as of April 30; 20% rate reduction for cars insured as of March 31
  • Safeco: Refund of 15% of contributions for April and May
  • State Farm: most customers will receive an average of 25% discount from March 20 to May 31; exact percentages vary by state
  • Travelers: 15% discount on April and May contributions
  • USAA: 20% discount on contributions for two months; discounts will be applied automatically

When will I receive the refund?

Differently. Depending on the type of reimbursement program offered by your insurer, which may include reimbursement, discounts, or a one-time payment, car owners should expect to receive assistance between April and June.

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“Most consumers can expect a refund from late April / early May to June, depending on their insurer. Those who receive a one-time check are likely to receive it by the end of April, ”said Michelle Megna, editor at

According to Meghna, for insurance companies sending one-time checks, a refund can be made before the end of April, because state regulators must sign the documents before the checks are sent by mail.

How can I request a refund if I have paid my fees in advance?

As a rule, prepaid policyholders will receive discounts for the same months that are issued to policyholders with monthly insurance premiums.

How else can you save on car insurance right now?

Assistance programs aren't the only way to cut car insurance costs during these unprecedented times. Experts suggest that people looking for more ways to save money might look for other insurers offering better rates, review their coverage levels, find out about acceptable discounts, and change their driving status.

“If you are awaiting reimbursement, you can postpone switching to another insurer until you receive the money,” Megna said.

Check your insurance coverage: evaluate if your coverage is appropriate for your needs. For example, if your policy covers insurance liability, comprehensive services and accidents, you can refuse both additional comprehensive services and accident insurance while you are in quarantine.

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Check for discounts. Auto insurers may offer discounts. Perhaps you can even lower your rates by combining home and car insurance in the same company. You can ask your insurance agent about available discounts and opportunities to save.

Change your driving status: “In addition to getting this help, you can call your insurance company and ask them to change your driving status,” Hunter said.

There are two ways that drivers can do this. If you used to go to work, but now you don’t, you can change your driving status from suburban to non-suburban for a lower insurance rate. Drivers can also reduce their monthly mileage. Generally, the less miles you drive, the lower your rate.

As ForumDaily wrote earlier:

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